This new credit facility, coupled with Allegion’s issuance of $300 million in senior notes earlier this month, completes the company’s comprehensive financing plan for the acquisitions of SimonsVoss and Axa Stenman.
The Amended and Restated Credit Agreement, among other things: Refinanced the $938.4 million outstanding borrowings under Allegion’s existing term loan A facility; reduced credit spreads on outstanding borrowings under the facility 12.5 basis points; and extended the applicable maturities from Oct. 15, 2019, to Oct. 15, 2020. The availability under the revolving credit facility remained unchanged and continues to permit borrowing of up to $500 million.
Allegion (NYSE: ALLE) is a global pioneer in safety and security, with leading brands like CISA®, Interflex®, LCN®, Schlage® and Von Duprin®. Focusing on security around the door and adjacent areas, Allegion produces a range of solutions for homes, businesses, schools and other institutions. Allegion is a $2 billion company, with products sold in almost 130 countries.
For more, visit www.allegion.com.